Documenting audit decisions and audit evidence •

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Unformatted text preview: Documenting Audit Decisions and Audit Evidence • Audit Program – Recommended by GAAS – Documents decisions • Working Papers – Documents audit decisions – Documents audit evidence obtained Types of Working Papers • Working Trial Balance • Schedules and Analyses • Audit Memoranda and Corroborating Information • Adjusting and Reclassifying Entries Preparing Working Papers • Heading • Index Number • Cross-Referencing • Tick Marks • Signatures and Dates Working Paper Example Reviewing Working Papers • Scope of Work Performed • Evidence and Findings Obtained • Audit Judgment Exercised • Conclusions Reached by the Auditor Working Paper Files • Permanent File • Current File • Ownership and Custody Study Break 4. ________ involves selecting entries in the accounting records and inspecting the documentation that served as the basis for the entries. A. Vouching B. Tracing C. Observation D. Inquiry A. Vouching Study Break 5. These decisions involve determining whether the procedures will be performed at an interim date or at fiscal year-end. A. Staffing and Supervision B. Nature of Audit Tests C. Timing of Audit Tests D. Extent of Audit Tests C. Timing of Audit Tests Study Break 6. This working paper file contains data that are expected to be useful to the auditor in future engagements with the client. A. Permanent file B. Current file C. Daily file D. Annual file A. Permanent file...
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Documenting Audit Decisions and Audit Evidence • Audit...

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